First-time homebuyers in Calgary willing to break the bank for a new home

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The results of a BMO survey show that the number of first-time homebuyers in Calgary willing to break their budget for the right house is the highest in Canada, reports the Calgary Herald.

Released on Tuesday, the 2014 First-Time Home Buyers Report, indicates that 54 per cent of Calgarians are willing to do so, as compared with the national average of 33 per cent. These ambitious buyers are also willing to pay more, the report said.

Furthermore, an additional 50 per cent of Calgary buyers say their purchase timeline has experienced a delay due to rapidly rising home prices. The report also noted that 68 per cent have cut back certain aspects of their lifestyles in order to save money for their first home.

The survey also found that first-time buyers in Calgary have an average budget of $363,400 for a new home, as compared to the national average of $316,100, a 5.37 per cent increase over the 2013 average of $300,000.

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